Market On Open, Thursday 19 September

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Today Isn’t Real Either

by Alex King, CEO, Cestrian Capital Research, Inc

Yesterday was a pivotal FOMC day and it was also monthly opex. So obviously you can’t trust yesterday’s close, because it’s every major religious holiday rolled into one for market makers, hedging traders, and every other form of money-hog trying to take money off of your regular unsuspecting investor.

Today is the day after a pivotal FOMC and after monthly opex. So obviously you can’t trust today’s open, close, or anything in between, because hedging flows. Also because money-hogs.

TOMORROW’s close I think is worth watching. It’s the end of the week and most of the strange effects of FOMC and monthly opex will be subsiding. So personally I think the gloom at yesterday’s close and the animal spirits on show right now are amusing but not real moves. Next week we get the real move. If it’s down? I think that’s short-term. I think the bullish charts we have been showing here will continue to prove righteous.

Short- And Medium-Term Market Analysis

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